Members of the Plantation Golf and Country Club voted overwhelmingly two weeks ago in favor of selling off the golf club and amenities to Concert Golf Partners in return for a recapitalization plan.
“(We will) become members of the family of private golf clubs owned and operated by Concert Golf Partners,” said board president Tom Kubik, of the Plantation Golf and Country Club.
“CGP has committed to investing more than $3 million into capital improvement projects at the club, in addition to paying off all the club’s debt,” he said. “The members will no longer be burdened with making choices about the day-to-day operation of the club or be concerned regarding its capital or physical needs. They will simply enjoy the club while an experienced, professional hospitality firm runs its operations.
“I am quite confident in saying the members firmly believe that there is a bright future ahead for Plantation Golf and Country Club,” he said.
In a letter emailed to the membership in October Kubik and directors laid out the argument for the sale, saying it’s needed to preserve the lifestyle of current home owners without saddling them with significant dues increases or assessments.
Despite several years of effort to grow the membership, the results were the same, he said. Initial gains at the beginning of the year were followed by close to the same number of members resigning, which made little headway in paying off significant debt.
“While the club remains financially sound, it has become apparent that we need to begin to think about a strategy to deal with our debt and much needed capital improvements to be able to compete in our crowded club marketplace,” Kubik wrote.
He warned the club was falling behind in making the necessary capital expenditures to maintain Plantation’s status as one of the premier golf and country clubs in Southwest Florida.
CGP currently owns and operates 19 upscale private clubs. In addition to the reinvestment program, CGP will immediately redeem all resigned member equity, exchanging current member equity redemption rights for those improvements, he said.
Those redemptions would have been many years in the future under current bylaws, Kubik.
The board voted on Nov. 14 to place the sale before the membership.
Members signed off on the deal Dec. 13.